Credit crisis turns financial titans into pygmies

Reuters reports:

Bank of America ranked No. 8 on the Financial Times Global 500 as of March 31, 2007, and fell to No. 23 a year later, at which point it had a market capitalization of $168 billion. But an 80 percent plunge in the stock since then has slashed its market value to $34 billion (all figures as of Feb 25). As a result, it does not figure currently among the world's 100 largest companies. Citigroup's fall from grace has been even more precipitous. It went from No. 4 on the FT 500 in 2007 to No.53 in 2008, when it had a market value of $107 billion. Following a decline of 90 percent over the past year, it now has a market capitalization of $13 billion.

Some of the biggest European banks have been hit hard as well. Royal Bank of Scotland, which ranked No. 97 on the FT 500 in 2008, has seen its market value dwindle from $67 billion to $16 billion. So have other stalwarts such as Barclays and Deutsche Bank, down 82 percent and 74 percent respectively over the past year.

Is it any wonder, then, that there are few familiar names from the financial sector among the world's Top 25 companies? Of the four financial institutions that currently figure in the Top 25, three are from China. The fourth is Warren Buffett's Berkshire Hathaway, which ranks No. 14 with a market value of $122 billion. The next representative from the U.S. financial sector, J P Morgan, only shows up at No. 40.

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